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[6-K] GRUPO AVAL ACCIONES Y VALORES S.A. Current Report (Foreign Issuer)

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Grupo Aval reported mixed second-quarter 2025 consolidated results driven by loan and deposit growth and improved margins. Gross loans reached 199.4 trillion pesos, up 3.2% vs. 2Q24, while consolidated deposits rose to 211.8 trillion pesos, up 6.8% vs. 2Q24. Total market share was 25.0% (down 10 bps LTM) with gains in consumer (+112 bps) and mortgages (+206 bps) but a decline in commercial loans (-109 bps). Asset quality improved: nonperforming measures were 4.8% (30‑day basis) and 3.5% (90‑day basis), and cost of risk fell to 1.7% (35 bps lower YoY). Net interest margin reached 4.0% (up 58 bps YoY) and NIM on loans was 4.5% (up 20 bps). Operating expenses rose modestly 2.4% QoQ, with cost-to-income at 52.0% (improved 273 bps YoY) and cost-to-assets of 2.8%. Reported net income attributable figures show 494.9 (units per source) for 2Q25, up 142.2% YoY.

Grupo Aval ha riportato risultati consolidati misti per il secondo trimestre 2025, trainati dalla crescita di prestiti e depositi e dal miglioramento dei margini. I prestiti lordi hanno raggiunto 199,4 trilioni di pesos, in aumento del 3,2% rispetto al 2T24, mentre i depositi consolidati sono saliti a 211,8 trilioni di pesos, +6,8% vs 2T24. La quota di mercato totale è stata del 25,0% (in calo di 10 pb su base LTM), con recuperi nei segmenti consumer (+112 pb) e mutui (+206 pb) e una flessione nei prestiti commerciali (-109 pb). La qualità degli attivi è migliorata: le misure di sofferenza si attestano al 4,8% (base 30 giorni) e al 3,5% (base 90 giorni), mentre il costo del rischio è sceso al 1,7% (‑35 pb YoY). Il margine d’interesse netto ha raggiunto il 4,0% (in aumento di 58 pb YoY) e il NIM sui prestiti è stato del 4,5% (+20 pb). Le spese operative sono salite modestamente del 2,4% QoQ, con un costo/income al 52,0% (migliorato di 273 pb YoY) e un costo/attivo del 2,8%. L’utile netto attribuibile riportato per il 2T25 è stato di 494,9 (unità secondo la fonte), in crescita del 142,2% YoY.

Grupo Aval informó resultados consolidados mixtos en el segundo trimestre de 2025, impulsados por el crecimiento de créditos y depósitos y por márgenes más fuertes. Los créditos brutos alcanzaron 199,4 billones de pesos, +3,2% vs 2T24, y los depósitos consolidados subieron a 211,8 billones de pesos, +6,8% vs 2T24. La participación de mercado total fue del 25,0% (−10 pb LTM), con avances en consumo (+112 pb) e hipotecas (+206 pb) y una caída en créditos comerciales (−109 pb). La calidad de los activos mejoró: las medidas de cartera vencida fueron 4,8% (base 30 días) y 3,5% (base 90 días), y el costo del riesgo bajó a 1,7% (−35 pb interanual). El margen de interés neto fue 4,0% (subió 58 pb YoY) y el NIM sobre préstamos fue 4,5% (+20 pb). Los gastos operativos aumentaron modestamente un 2,4% QoQ, el costo/ingresos fue 52,0% (mejoró 273 pb YoY) y el costo/activos 2,8%. El resultado neto atribuible reportado para 2T25 fue de 494,9 (unidades según la fuente), +142,2% YoY.

Grupo Aval는 대출과 예금 증가 및 마진 개선에 힘입어 2025년 2분기 연결 실적을 혼조세로 발표했습니다. 총대출은 199.4조 페소로 2분기24 대비 3.2% 증가했으며, 연결 예금은 211.8조 페소로 2분기24 대비 6.8% 증가했습니다. 전체 시장 점유율은 25.0%로 LTM 대비 10bp 하락했으나 소비자(+112bp)와 주택담보(+206bp) 부문은 점유율을 늘렸고, 기업대출은 줄었습니다(-109bp). 자산 건전성은 개선되어 연체율은 4.8%(30일 기준), 3.5%(90일 기준)이며 신용비용률은 1.7%로 전년 대비 35bp 하락했습니다. 순이자마진(NIM)은 4.0%(전년동기대비 +58bp), 대출기준 NIM은 4.5%(+20bp)였습니다. 영업비용은 분기 대비 2.4% 증가에 그쳤고 비용대비수익률은 52.0%(전년동기대비 273bp 개선), 총자산대비비용은 2.8%였습니다. 보고된 2분기25 귀속순이익은 출처 기준 494.9로 전년동기대비 142.2% 증가했습니다.

Grupo Aval a publié des résultats consolidés mixtes pour le 2e trimestre 2025, portés par la croissance des prêts et des dépôts et par l'amélioration des marges. Les prêts bruts ont atteint 199,4 trillions de pesos, en hausse de 3,2% vs 2T24, tandis que les dépôts consolidés sont montés à 211,8 trillions de pesos, +6,8% vs 2T24. La part de marché totale s'est établie à 25,0% (−10 pb sur les 12 derniers mois), avec des gains en consommation (+112 pb) et prêts hypothécaires (+206 pb) mais une baisse des crédits commerciaux (−109 pb). La qualité des actifs s'est améliorée : les indicateurs de créances douteuses sont à 4,8% (base 30 jours) et 3,5% (base 90 jours), et le coût du risque est tombé à 1,7% (−35 pb en glissement annuel). La marge nette d'intérêt a atteint 4,0% (+58 pb YoY) et la NIM sur prêts 4,5% (+20 pb). Les dépenses opérationnelles ont augmenté modérément de 2,4% QoQ, le coût/produit est à 52,0% (amélioration de 273 pb YoY) et le coût/actifs à 2,8%. Le résultat net part du groupe déclaré pour 2T25 est de 494,9 (unités selon la source), en hausse de 142,2% YoY.

Grupo Aval meldete gemischte konsolidierte Ergebnisse für das 2. Quartal 2025, getragen von Kredit- und Einlagenwachstum sowie verbesserten Margen. Die Bruttokredite erreichten 199,4 Billionen Pesos, ein Anstieg von 3,2% gegenüber 2Q24, während die konsolidierten Einlagen auf 211,8 Billionen Pesos stiegen, +6,8% vs. 2Q24. Der Gesamtmarktanteil lag bei 25,0% (−10 Basispunkte LTM) mit Zuwächsen im Konsumentenbereich (+112 bp) und bei Hypotheken (+206 bp), aber einem Rückgang bei Unternehmenskrediten (−109 bp). Die Asset-Qualität verbesserte sich: notleidende Positionen lagen bei 4,8% (30-Tage-Basis) bzw. 3,5% (90-Tage-Basis), und die Risikokosten fielen auf 1,7% (−35 bp YoY). Die Nettomarge (NIM) erreichte 4,0% (+58 bp YoY) und die NIM auf Kredite betrug 4,5% (+20 bp). Die operativen Aufwendungen stiegen moderat um 2,4% QoQ, die Cost-to-Income-Quote lag bei 52,0% (um 273 bp YoY verbessert) und die Cost-to-Assets bei 2,8%. Der ausgewiesene dem Mutterunternehmen zurechenbare Nettogewinn für 2Q25 betrug 494,9 (Einheiten laut Quelle), +142,2% YoY.

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Insights

TL;DR: Loan and deposit growth plus wider NIMs and lower cost of risk support profitability improvement.

Grupo Aval shows core banking strength: loan balances and deposits expanded, margins widened with a 58 bps YoY increase in NIM and loan NIM up 20 bps, which materially supports net interest income. Asset quality trends improved across 30/90‑day metrics and cost of risk declined to 1.7%, reducing credit pressure. Operating leverage is modest as OPEX rose 2.4% QoQ while cost-to-income improved meaningfully YoY to 52.0%. The sizeable rise in net income attributable (reported as 494.9 in the filing) indicates earnings momentum, though the filings mix numbers across segments and periods requiring readers to confirm units and consolidation details in full tables.

TL;DR: Credit metrics improved but market share shifts and expense ratios warrant monitoring.

Credit indicators show progress—PDLs and allowances improved—but the bank lost 10 bps market share LTM overall and notably in commercial loans (-109 bps), which could signal competitive or sectoral pressures. Cost-to-assets rose slightly to 2.8% from 2.7% YoY and operating expenses increased QoQ, limiting margin gains. Investment and trading asset mix movements (noted increases in equity and FVOCI debt securities) may introduce market risk volatility. Overall, improvements in NIM and lower cost of risk reduce near-term credit stress, but concentration and market risk exposures merit continued oversight.

Grupo Aval ha riportato risultati consolidati misti per il secondo trimestre 2025, trainati dalla crescita di prestiti e depositi e dal miglioramento dei margini. I prestiti lordi hanno raggiunto 199,4 trilioni di pesos, in aumento del 3,2% rispetto al 2T24, mentre i depositi consolidati sono saliti a 211,8 trilioni di pesos, +6,8% vs 2T24. La quota di mercato totale è stata del 25,0% (in calo di 10 pb su base LTM), con recuperi nei segmenti consumer (+112 pb) e mutui (+206 pb) e una flessione nei prestiti commerciali (-109 pb). La qualità degli attivi è migliorata: le misure di sofferenza si attestano al 4,8% (base 30 giorni) e al 3,5% (base 90 giorni), mentre il costo del rischio è sceso al 1,7% (‑35 pb YoY). Il margine d’interesse netto ha raggiunto il 4,0% (in aumento di 58 pb YoY) e il NIM sui prestiti è stato del 4,5% (+20 pb). Le spese operative sono salite modestamente del 2,4% QoQ, con un costo/income al 52,0% (migliorato di 273 pb YoY) e un costo/attivo del 2,8%. L’utile netto attribuibile riportato per il 2T25 è stato di 494,9 (unità secondo la fonte), in crescita del 142,2% YoY.

Grupo Aval informó resultados consolidados mixtos en el segundo trimestre de 2025, impulsados por el crecimiento de créditos y depósitos y por márgenes más fuertes. Los créditos brutos alcanzaron 199,4 billones de pesos, +3,2% vs 2T24, y los depósitos consolidados subieron a 211,8 billones de pesos, +6,8% vs 2T24. La participación de mercado total fue del 25,0% (−10 pb LTM), con avances en consumo (+112 pb) e hipotecas (+206 pb) y una caída en créditos comerciales (−109 pb). La calidad de los activos mejoró: las medidas de cartera vencida fueron 4,8% (base 30 días) y 3,5% (base 90 días), y el costo del riesgo bajó a 1,7% (−35 pb interanual). El margen de interés neto fue 4,0% (subió 58 pb YoY) y el NIM sobre préstamos fue 4,5% (+20 pb). Los gastos operativos aumentaron modestamente un 2,4% QoQ, el costo/ingresos fue 52,0% (mejoró 273 pb YoY) y el costo/activos 2,8%. El resultado neto atribuible reportado para 2T25 fue de 494,9 (unidades según la fuente), +142,2% YoY.

Grupo Aval는 대출과 예금 증가 및 마진 개선에 힘입어 2025년 2분기 연결 실적을 혼조세로 발표했습니다. 총대출은 199.4조 페소로 2분기24 대비 3.2% 증가했으며, 연결 예금은 211.8조 페소로 2분기24 대비 6.8% 증가했습니다. 전체 시장 점유율은 25.0%로 LTM 대비 10bp 하락했으나 소비자(+112bp)와 주택담보(+206bp) 부문은 점유율을 늘렸고, 기업대출은 줄었습니다(-109bp). 자산 건전성은 개선되어 연체율은 4.8%(30일 기준), 3.5%(90일 기준)이며 신용비용률은 1.7%로 전년 대비 35bp 하락했습니다. 순이자마진(NIM)은 4.0%(전년동기대비 +58bp), 대출기준 NIM은 4.5%(+20bp)였습니다. 영업비용은 분기 대비 2.4% 증가에 그쳤고 비용대비수익률은 52.0%(전년동기대비 273bp 개선), 총자산대비비용은 2.8%였습니다. 보고된 2분기25 귀속순이익은 출처 기준 494.9로 전년동기대비 142.2% 증가했습니다.

Grupo Aval a publié des résultats consolidés mixtes pour le 2e trimestre 2025, portés par la croissance des prêts et des dépôts et par l'amélioration des marges. Les prêts bruts ont atteint 199,4 trillions de pesos, en hausse de 3,2% vs 2T24, tandis que les dépôts consolidés sont montés à 211,8 trillions de pesos, +6,8% vs 2T24. La part de marché totale s'est établie à 25,0% (−10 pb sur les 12 derniers mois), avec des gains en consommation (+112 pb) et prêts hypothécaires (+206 pb) mais une baisse des crédits commerciaux (−109 pb). La qualité des actifs s'est améliorée : les indicateurs de créances douteuses sont à 4,8% (base 30 jours) et 3,5% (base 90 jours), et le coût du risque est tombé à 1,7% (−35 pb en glissement annuel). La marge nette d'intérêt a atteint 4,0% (+58 pb YoY) et la NIM sur prêts 4,5% (+20 pb). Les dépenses opérationnelles ont augmenté modérément de 2,4% QoQ, le coût/produit est à 52,0% (amélioration de 273 pb YoY) et le coût/actifs à 2,8%. Le résultat net part du groupe déclaré pour 2T25 est de 494,9 (unités selon la source), en hausse de 142,2% YoY.

Grupo Aval meldete gemischte konsolidierte Ergebnisse für das 2. Quartal 2025, getragen von Kredit- und Einlagenwachstum sowie verbesserten Margen. Die Bruttokredite erreichten 199,4 Billionen Pesos, ein Anstieg von 3,2% gegenüber 2Q24, während die konsolidierten Einlagen auf 211,8 Billionen Pesos stiegen, +6,8% vs. 2Q24. Der Gesamtmarktanteil lag bei 25,0% (−10 Basispunkte LTM) mit Zuwächsen im Konsumentenbereich (+112 bp) und bei Hypotheken (+206 bp), aber einem Rückgang bei Unternehmenskrediten (−109 bp). Die Asset-Qualität verbesserte sich: notleidende Positionen lagen bei 4,8% (30-Tage-Basis) bzw. 3,5% (90-Tage-Basis), und die Risikokosten fielen auf 1,7% (−35 bp YoY). Die Nettomarge (NIM) erreichte 4,0% (+58 bp YoY) und die NIM auf Kredite betrug 4,5% (+20 bp). Die operativen Aufwendungen stiegen moderat um 2,4% QoQ, die Cost-to-Income-Quote lag bei 52,0% (um 273 bp YoY verbessert) und die Cost-to-Assets bei 2,8%. Der ausgewiesene dem Mutterunternehmen zurechenbare Nettogewinn für 2Q25 betrug 494,9 (Einheiten laut Quelle), +142,2% YoY.

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report Of Foreign Private Issuer

Pursuant To Rule 13a-16 Or 15d-16 Of

The Securities Exchange Act Of 1934

 

For the month of August 2025

Commission File Number: 001-36631

 

Grupo Aval Acciones y Valores S.A.

(Exact name of registrant as specified in its charter)

 

Carrera 13 No. 26A - 47

Bogotá D.C., Colombia

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

   Form 40-F

 

 

 

 
 

GRUPO AVAL ACCIONES Y VALORES S.A.

 

TABLE OF CONTENTS

 

ITEM  
1. Report of Second Quarter 2025 Consolidated Results

 

 
 

Item 1

 

 

 

0 Haga clic para modificar el estilo de título Bogotá D.C., Colombia Carrera 13 No 26A - 47 - 23 rd Floor Quarterly report – Second quarter 2025 Information reported in Ps billions (1) and under IFRS (1) We refer to billions as thousands of millions.

 

 

  Disclaimer

 

Grupo Aval Acciones y Valores S.A. (“Grupo Aval”) is an issuer of securities in Colombia and in the United States (“SEC”). As such, it is subject to compliance with securities regulation in Colombia and applicable U.S. securities regulation. Grupo Aval is also subject to the inspection and supervision of the Superintendency of Finance as holding company of the Aval financial conglomerate.

 

The consolidated financial information included in this document is presented in accordance with IFRS as currently issued by the IASB. Details of the calculations of non-IFRS measures such as ROAA and ROAE, among others, are explained when required in this report.

 

This report includes forward-looking statements. In some cases, you can identify these forward-looking statements by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these and other comparable words. Actual results and events may differ materially from those anticipated herein as a consequence of changes in general, economic and business conditions, changes in interest and currency rates and other risk described from time to time in our filings with the Registro Nacional de Valores y Emisores and the SEC.

 

Recipients of this document are responsible for the assessment and use of the information provided herein. Matters described in this presentation and our knowledge of them may change extensively and materially over time, but we expressly disclaim any obligation to review, update or correct the information provided in this report, including any forward looking statements, and do not intend to provide any update for such material developments prior to our next earnings report.

 

The content of this document and the figures included herein are intended to provide a summary of the subjects discussed rather than a comprehensive description.

 

When applicable, in this document we refer to billions as thousands of millions.

 

 1 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS, except per share information

 

ABOUT GRUPO AVAL

Grupo Aval, leading financial conglomerate in Colombia, operates through: four commercial banks in Colombia (Banco de Bogotá, Banco de Occidente, Banco Popular and Banco AV Villas), the largest private pensions and severance fund manager in Colombia (Porvenir), and the largest merchant bank in Colombia (Corficolombiana). In addition, it is present in Panama through Multibank's operation through Banco de Bogotá.

 

Grupo Aval Accionesy ValoresS.A. ("Grupo Aval") is an issuer of securities in Colombia and the United States ("SEC").

 

As of June 30, 2025, the Company has the following issuances:

 

Stocks Securities issues in force
Type of security Common stock Preferred stock
Trading system Stock exchange Stock exchange
Stock exchange Colombian Stock Exchange (BVC)
Outstanding Shares (*) 16,181,237,156 7,562,238,598
Issue amount(*) 16,181,237,156 7,562,238,598
Amount placed(*) 16,181,237,156 7,562,238,598

 

Local Bonds
Year Principal (million) Rate Rating
Issue of 2016 - Series A - 10 years 93,000 CPI+3.86% AAA –BRC Investor Services S.A.
Issue of 2016 - Series A - 20 years 207,000 CPI+4.15%
Issue of 2017 - Series A - 25 years 300,000 CPI +3.99%
Issue of 2019 - Series A - 20 years 300,000 CPI +3.69%
Issue of 2024 - Series A - 15 years 200,000 CPI +6.16%
Issue of 2024 - Series C - 3 years 100,000 10.08%
  1,200,000    

International Bonds
 

Principal

U. S. (million)

 Rate Rating
Issue of 2020 - 10 years US 1,000 4.375%

Ba2 / Stable

(Moody’s)

 

BB+ / Negative (Fitch)

 

Main domicile: Bogotá D.C., Colombia

 

Address: Carrera 13 No 26A –47-23rd Floor

 

 2 

 

 

Table of contents

 

Key results of 2Q25 4
   
Consolidated Financial Results 5
   
– Statement of Financial Position Analysis 7
     
– Income Statement Analysis 15
     
     
Grupo Aval + Grupo Aval Limited 19
   
Separated Financial Results 20
   
– Statement of Financial Position Analysis 20
     
– Income Statement Analysis 20
     
     
Risk Management 21
   
Quantitative and Qualitative disclosure about market risk 21
   
ESG 21
   
Corporate Governance 21
   
   
Definitions 22
   
Consolidated Financial Statements 23
   
Separate Financial Statements 25

 

 3 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS, except per share information

 

Bogotá, August 14th, 2025. Grupo Aval S.A. (NYSE:AVAL) reported a consolidated attributable net income of Ps 494.9 billion (Ps 20.8 pesos per share) for 2Q2025, 36.9% higher than for 1Q2025 and 142.2% than for 2Q2024.

 

ROAE was 11.3% and ROAA was 1.1% for the quarter.

 

•Gross loans reached 199.4 trillion pesos, a 3.2% growth versus 2Q24. Consolidated deposits reached 211.8 trillion pesos, a 6.8% growth versus 2Q24.

 

•As of May 2025, our total market share was 25.0% (-10 bps LTM), incorporating gains in consumer (+112 bps) and mortgage (+206 bps) loans, and a lower share in commercial loans (-109 bps).

 

•The quality of our loan portfolio improved 37 bps to 4.8% on a +30 PDLs basis and 23 bps to 3.5% on a +90 PDLs basis during the quarter.

 

•Cost of risk for the quarter was 1.7%, 35 bps lower than the same quarter last year, as a result of a 27 bps improvement in consumer loans to 4.2% and a of 46 bps in commercial loans to 0.4%.

 

•Total NIM increased 58 bps over the 12-months to 4.0%, with NIM on loans increasing 20 bps to 4.5%

 

•OPEX increased 2.4% versus last quarter with Cost to income reaching 52.0% for the quarter, 273 bps lower than the same quarter for last year. Cost to Assets efficiency was 2.8% compared to the 2.7% of 2Q24.

 

 4 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS, except per share information

 

    COP $tn   2Q24   1Q25   2Q25  

2Q25 vs

1Q25

  

2Q25 vs

2Q24

 

 

Balance Sheet

 

 

 

 

Gross Loans

   $ 193.2   $ 198.8   $ 199.4   0.3%   3.2%

 

 

Deposits

   $ 198.4   $ 207.8   $ 211.8   1.9%   6.8%

 

 

Net Loans /Total Assets

   1.08 x   1.09 x   1.10 x   0.01 x   0.03 x
                       
Loan Quality

 

 

90 days PDLs / Gross Loans

   4.2%   3.7%   3.5%   (23) bps   (73) bps

 

 

Allowance/90 days PDLs

   1.29 x   1.28 x   1.31 x   0.02 x   0.02 x

 

 

Cost of risk

   2.1%   2.0%   1.7%   (31) bps   (35) bps
                         

 

 

 

 

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

   3.4%   3.5%   4.0%   52 bps   58 bps

 

 

NIM on loans

   4.3%   4.4%   4.5%   7 bps   20 bps

 

 

Fee income Ratio

   23.3%   20.3%   20.5%   19 bps   (282) bps

 

 

Efficiency Ratio (income)

   54.7%   50.8%   52.0%   118 bps   (273) bps

 

 

Efficiency Ratio (assets)

   2.7%   2.7%   2.8%   3 bps   6 bps

 

 

Attributable net income (in Ps. billion) 

   $ 204.33   $ 361.52   $ 494.92   36.9%   142.2%

 

 

ROAA

   0.6%   1.0%   1.1%   9 bps   49 bps

 

 

ROAE 

   4.9%   8.4%   11.3%   298 bps   641 bps

 

Gross loans excludes interbank and overnight funds. PDLs 90+ defined as loans more than 90 days past due. Cost of Risk calculated as Impairment loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans. Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets. Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income. ROAA is calculated as annualized Net Income divided by average of total assets. ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity. NS refers to non-significant figures.

 

 5 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

Consolidated Statement of Financial Position   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Cash and cash equivalents                19,296.3                19,138.4                18,633.9   -2.6% -3.4%
Trading assets                16,531.2                20,878.9                24,668.9   18.2% 49.2%
Investment securities                37,257.8                40,346.7                40,197.3   -0.4% 7.9%
Hedging derivatives assets                       61.6                       39.9                       40.0   0.4% -35.0%
Total loans, net               184,018.1               189,927.2               191,805.5   1.0% 4.2%
Tangible assets                  7,198.3                  7,306.8                  7,217.4   -1.2% 0.3%
Goodwill                  2,214.1                  2,215.7                  2,211.2   -0.2% -0.1%
Concession arrangement rights                13,881.7                14,180.8                14,148.6   -0.2% 1.9%
Other assets                36,156.4                35,815.9                36,775.5   2.7% 1.7%
Total assets               316,615.6               329,850.2               335,698.4   1.8% 6.0%
Trading liabilities                  1,375.5                     900.1                  1,259.1   39.9% -8.5%
Hedging derivatives liabilities                       66.6                       26.4                       36.0   36.4% -45.9%
Customer deposits               198,365.4               207,804.0               211,825.0   1.9% 6.8%
Interbank borrowings and overnight funds                15,427.4                17,293.8                18,247.8   5.5% 18.3%
Borrowings from banks and others                21,276.5                22,531.8                22,038.7   -2.2% 3.6%
Bonds issued                24,462.3                24,503.5                24,159.7   -1.4% -1.2%
Borrowings from development entities                  4,363.2                  4,363.1                  4,287.7   -1.7% -1.7%
Other liabilities                19,599.3                19,795.1                20,194.2   2.0% 3.0%
Total liabilities               284,936.4               297,217.7               302,048.2   1.6% 6.0%
Equity attributable to owners of the parent                16,719.8                17,172.9                17,759.5   3.4% 6.2%
Non-controlling interest                14,959.4                15,459.7                15,890.7   2.8% 6.2%
Total equity                31,679.2                32,632.6                33,650.2   3.1% 6.2%
Total liabilities and equity               316,615.6               329,850.2               335,698.4   1.8% 6.0%

 

Consolidated Statement of Income   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Interest income                  7,238.9                  6,591.0                  6,717.1   1.9% -7.2%
Interest expense                  5,317.6                  4,660.7                  4,695.9   0.8% -11.7%
Net interest income                  1,921.3                  1,930.3                  2,021.2   4.7% 5.2%
Loans and other accounts receivable                  1,126.1                  1,154.1                  1,118.6   -3.1% -0.7%
Other financial assets                       (0.0)                       (8.5)                       10.3   N.A N.A
Recovery of charged-off financial assets                    (139.8)                    (142.8)                    (262.7)   84.0% 88.0%
Net impairment loss on financial assets                     986.2                  1,002.7                     866.1   -13.6% -12.2%
Net interest income, after impairment losses                     935.1                     927.5                  1,155.0   24.5% 23.5%
Net income from commissions and fees                     900.6                     900.4                     910.0   1.1% 1.0%
Gross profit from sales of goods and services                     621.8                     679.8                     493.4   -27.4% -20.6%
Net trading income                     336.7                     233.6                     564.4   141.6% 67.6%
Net income from other financial instruments mandatory at FVTPL                       82.1                       96.7                       89.3   -7.6% 8.8%
Total other income                         2.6                     596.6                     364.7   -38.9% N.A.
Total other expenses                  2,114.4                  2,254.3                  2,309.3   2.4% 9.2%
Net income before income tax expense                     764.5                  1,180.4                  1,267.5   7.4% 65.8%
Income tax expense                     315.3                     379.1                     383.8   1.2% 21.7%
Net income for the period                     449.2                     801.3                     883.7   10.3% 96.7%
Non-controlling interest                     244.9                     439.8                     388.7   -11.6% 58.7%
Net income attributable to owners of the parent                     204.3                     361.5                     494.9   36.9% 142.2%

 

 

Key ratios

 

   2Q24   1Q25   2Q25   YTD 2024 YTD 2025
Net Interest Margin(1)   3.4%   3.2%   3.4%   3.2% 3.4%
Net Interest Margin (including net trading income)(1)   3.4%   3.5%   4.0%   3.4% 3.9%
Efficiency ratio(2)   54.7%   50.8%   52.0%   52.5% 51.4%
90 days PDL / Gross loans (5)   4.2%   3.7%   3.5%   4.2% 3.5%
Provision expense / Average gross loans (6)   2.1%   2.0%   1.7%   2.5% 1.9%
Allowance / 90 days PDL (5)                       1.29                       1.28                       1.31                       1.29                     1.31
Allowance / Gross loans   5.5%   4.8%   4.6%   5.5% 4.6%
Charge-offs / Average gross loans (6)   2.7%   3.4%   3.1%   2.6% 3.3%
Total loans, net / Total assets   58.1%   57.6%   57.1%   58.1% 57.1%
Deposits / Total loans, net   107.8%   109.4%   110.4%   107.8% 110.4%
Equity / Assets   10.0%   9.9%   10.0%   10.0% 10.0%
Tangible equity ratio (7)   8.6%   8.5%   8.6%   8.6% 8.6%
ROAA(3)   0.6%   1.0%   1.1%   0.6% 1.1%
ROAE(4)   4.9%   8.4%   11.3%   3.8% 10.0%
Shares outstanding (EoP)      23,743,475,754      23,743,475,754      23,743,475,754      23,743,475,754    23,743,475,754
Shares outstanding (Average)      23,743,475,754      23,743,475,754      23,743,475,754      23,743,475,754    23,743,475,754
Common share price (EoP)                     431.0                     561.0                     580.0                     431.0                   580.0
Preferred share price (EoP)                     433.0                     563.0                     570.0                     433.0                   570.0
BV/ EoP shares in Ps.                     704.2                     723.3                     748.0                     704.2                   748.0
EPS                          8.6                       15.2                       20.8                       13.4                     36.1
                   
P/E (8)                       12.6                         9.2                         6.8                         16.2                       7.9
P/BV (8)                         0.6                         0.8                         0.8                         0.6                       0.8

 

 

 (1) NIM is calculated as Net Interest Income divided by the average of Interest Earning Assets; (2) Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income; (3) ROAA is calculated as Income before Minority Interest divided by the average of total assets for each quarter; (4) ROAE is calculated as Net Income attributable to Grupo Aval’s shareholders divided by the average of shareholders´ attributable equity for each quarter; (5) PDLs 90+ defined as loans more than 90 days past due include interest accounts receivables. Gross loans excluding interbank and overnight funds; (6) Refers to average gross loans for the period; (7) Tangible Equity Ratio is calculated as Total Equity minus Intangibles (excluding those related to concessions) divided by Total Assets minus Intangibles (excluding those related to concessions); (8) Based on Preferred share prices.

 

 6 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

Consolidated Financial Results

 

Statement of Financial Position Analysis

 

1.Assets

 

Total assets as of June 30th, 2025 totaled Ps 335,698.4 billion showing an increase of 6.0% versus total assets in June 30th, 2024 and an increase of 1.8% versus March 31st, 2025. Growth was mainly driven by (i) a 4.2% year over year growth in total loans, net to Ps 191,805.5 billion, (ii) a 49.2% year over year growth in trading assets to Ps 24,668.9 billion, and (iii) a 7.9% year over year increase in investment securities to Ps 40,197.3 billion.

 

1.1Loan portfolio

 

Gross loans (excluding interbank and overnight funds) increased by 3.2% between June 30th, 2025 and June 30th, 2024 to Ps 199,357.1 billion mainly driven by (i) a 3.6% increase in Consumer loans to Ps 62,725.1 billion, (ii) a 20.1% increase in Mortgages to Ps 23,618.6 billion, and (iii) a 0.3% increase in Commercial loans to Ps 113,011.8 billion.

 

Interbank & overnight funds increased by 11.9% to Ps 1,601.1 billion between June 30th, 2025 and June 30th, 2024

 

Loss allowance was Ps 9,152.7 billion as of June 30th, 2025, taking net loans to Ps 191,805.5 billion.

 

Total loans, net   2Q24   1Q25   2Q25  

D

 

          2Q25 vs. 1Q25 2Q25 vs. 2Q24
Gross loans                  
Commercial loans   112,647.5   113,381.2   113,011.8   -0.3% 0.3%
Consumer loans   60,561.7   62,409.0   62,725.1   0.5% 3.6%
Mortgages loans   19,666.3   22,965.9   23,618.6   2.8% 20.1%
Microcredit loans   295.6   4.2   1.5   -63.3% -99.5%
Gross loans   193,171.1   198,760.3   199,357.1   0.3% 3.2%
Interbank & overnight funds   1,430.9   726.1   1,601.1   120.5% 11.9%
Total gross loans   194,602.0   199,486.5   200,958.2   0.7% 3.3%
Loss allowance   (10,583.9)   (9,559.3)   (9,152.7)   -4.3% -13.5%
Allowance for impairment of commercial loans   (5,551.1)   (4,914.5)   (4,729.3)   -3.8% -14.8%
Allowance for impairment of consumer loans   (4,532.1)   (4,148.3)   (3,938.3)   -5.1% -13.1%
Allowance for impairment of mortgages   (430.7)   (492.9)   (484.1)   -1.8% 12.4%
Allowance for impairment of microcredit loans   (70.0)   (3.5)   (1.0)   -71.3% -98.6%
Total loans, net   184,018.1   189,927.2   191,805.5   1.0% 4.2%

 

 7 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

The following table shows the gross loan composition per product of each of our loan categories.

 

Gross loans   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
General purpose   78,463.8   81,078.5   81,073.7   0.0% 3.3%
Working capital   17,338.0   15,300.0   15,151.2   -1.0% -12.6%
Financial leases   11,853.5   12,062.7   12,080.5   0.1% 1.9%
Funded by development banks   3,982.3   3,766.0   3,629.4   -3.6% -8.9%
Overdrafts   670.1   796.6   726.2   -8.8% 8.4%
Credit cards   339.7   377.5   350.7   -7.1% 3.2%
Commercial loans   112,647.5   113,381.2   113,011.8   -0.3% 0.3%
Payroll loans   33,325.8   34,712.6   34,916.9   0.6% 4.8%
Personal loans   14,183.9   14,647.8   14,789.8   1.0% 4.3%
Credit cards   7,353.0   7,044.9   7,005.0   -0.6% -4.7%
Automobile and vehicle   5,493.7   5,764.7   5,710.3   -0.9% 3.9%
Financial leases   17.7   19.7   20.5   4.1% 15.7%
Overdrafts   81.9   75.9   73.1   -3.7% -10.7%
Other   105.8   143.3   209.5   46.2% 97.9%
Consumer loans   60,561.7   62,409.0   62,725.1   0.5% 3.6%
Mortgages   17,461.3   20,514.1   21,037.7   2.6% 20.5%
Housing leases   2,205.0   2,451.8   2,580.9   5.3% 17.0%
Mortgages loans   19,666.3   22,965.9   23,618.6   2.8% 20.1%
Microcredit loans                295.6                   4.2                   1.5   -63.3% -99.5%
Gross loans   193,171.1   198,760.3   199,357.1   0.3% 3.2%
Interbank & overnight funds   1,430.9   726.1   1,601.1   120.5% 11.9%
Total gross loans   194,602.0   199,486.5   200,958.2   0.7% 3.3%

 

In terms of gross loans (excluding interbank and overnight funds), 92.2% are domestic and 7.8% are foreign (reflecting the Multi Financial Holding operation). In terms of currency, 83.6% are peso denominated loans and 16.4% are USD denominated.

 

A 1.9% yearly appreciation of the Peso relative to the U.S. Dollar, unfavored growth metrics for US Dollar denominated loans in Pesos.

 

Commercial loans increased by 0.3% versus 2Q24 and -0.3% versus 1Q25. Over the year, Peso denominated loans increased by 1.7%, while dollar denominated loans decreased 2.2% in dollar terms.

 

Consumer Loans increased by 3.6% versus 2Q24 and 0.5% versus 1Q25. Peso denominated consumer loans grew by 3.5% yearly, while dollar denominated loans increased 7.1% in dollar terms.

 

Mortgages increased by 20.1% versus 2Q24 and 2.8% versus 1Q25. Over the year, Peso denominated loans increased by 24.8%, while dollar denominated loans increased 0.9% in dollar terms.

 

The following table shows the loans and receivables composition per segment.

 

 8 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

Gross loans / Segment ($)   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Banking services         191,772.8         197,417.4         198,077.5   0.3% 3.3%
Merchant Banking             2,785.1             2,906.1             2,895.2   -0.4% 4.0%
Pension and Severance Fund Management                     -                       -                       -      - -
Holding             1,330.4             1,139.1             1,105.7   -2.9% -16.9%
Eliminations           (2,717.2)           (2,702.3)           (2,721.3)   0.7% 0.2%
Gross loans         193,171.1         198,760.3         199,357.1   0.3% 3.2%
Interbank & overnight funds             1,430.9               726.1             1,601.1   120.5% 11.9%
Total gross loans         194,602.0         199,486.5         200,958.2   0.7% 3.3%

 

Gross loans / Segment (%)   2Q24   1Q25   2Q25
     
Banking services   99.3%   99.3%   99.4%
Merchant Banking   1.4%   1.5%   1.5%
Pension and Severance Fund Management   0.0%   0.0%   0.0%
Holding   0.7%   0.6%   0.6%
Eliminations   -1.4%   -1.4%   -1.4%
Gross loans   100.0%   100.0%   100.0%

 

30-days and 90 days past due loans improved compared to the previous quarter, reaching the lowest level since 1Q23 for 90-day PDLs and since 4Q22 for 30-day PDLs. Commercial portfolio deterioration peaked during 3Q24 and 30 days PDLs improved 41 bps compared with the last quarter. Consumer portfolio ratios continued the positive trend for the fifth consecutive quarter.

 

Past due loans   2Q24   1Q25   2Q25   D
        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Performing         106,816.9         107,955.3         108,069.5   0.1% 1.2%
Between 31 and 90 days past due                764.9               820.1               570.3   -30.5% -25.4%
+90 days past due             5,065.6             4,605.8             4,372.0   -5.1% -13.7%
Commercial loans   112,647.5   113,381.2   113,011.8   -0.3% 0.3%
Performing           56,642.9           59,000.5           59,547.0   0.9% 5.1%
Between 31 and 90 days past due             1,639.3             1,451.8             1,397.3   -3.8% -14.8%
+90 days past due             2,279.5             1,956.6             1,780.8   -9.0% -21.9%
Consumer loans   60,561.7   62,409.0   62,725.1   0.5% 3.6%
Performing           18,272.1           21,510.3           22,151.8   3.0% 21.2%
Between 31 and 90 days past due                585.9               578.9               613.4   6.0% 4.7%
+90 days past due                808.3               876.8               853.5   -2.7% 5.6%
Mortgages loans   19,666.3   22,965.9   23,618.6   2.8% 20.1%
Performing                233.2                   0.7                   0.5   -27.7% -99.8%
Between 31 and 90 days past due                 10.8                    -                      0.0   N.A -99.6%
+90 days past due                 51.6                   3.4                   1.0   -72.0% -98.1%
Microcredit loans   295.6   4.2   1.5   -63.3% -99.5%
Gross loans         193,171.1         198,760.3         199,357.1   0.3% 3.2%
Interbank & overnight funds   1,430.9   726.1   1,601.1   120.5% 11.9%
Total gross loans         194,602.0         199,486.5         200,958.2   0.7% 3.3%

 

 9 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

Our 30 days PDL to total loans was 4.8% for 2Q25, 5.2% for 1Q25 and 5.8% for 2Q24. The ratio of 90 days PDL to total loans was 3.5% for 2Q25, 3.7% for 1Q25 and 4.2% for 2Q24. 

 

30 days past due loans    2Q24   1Q25   2Q25
     
Commercial   5.2%   4.8%   4.4%
Consumer   6.5%   5.5%   5.1%
Mortgages   7.1%   6.3%   6.2%
Microcredit   21.1%   82.4%   65.4%
Total loans   5.8%   5.2%   4.8%

 

90 days past due loans    2Q24   1Q25   2Q25
     
Commercial   4.5%   4.1%   3.9%
Consumer   3.8%   3.1%   2.8%
Mortgages   4.1%   3.8%   3.6%
Microcredit   17.5%   82.4%   62.9%
Total loans   4.2%   3.7%   3.5%

 

Loans classified as stage 2 and 3 were 11.5% for 2Q25, 11.5% for 1Q25 and 12.1% for 2Q24. Allowance for stage 2 and 3 loans / stage 2 and 3 loans were 31.5% for 2Q25, 33.3% for 1Q25 and 37.4% for 2Q24.

 

Loans by stages (%)   2Q24   1Q25   2Q25
     
Loans classified as Stage 2 / gross loans   4.8%   5.2%   5.4%
Loans classified as Stage 3 / gross loans   7.2%   6.3%   6.1%
Loans classified as Stage 2 and 3 / gross loans   12.1%   11.5%   11.5%
Allowance for Stage 1 loans / Stage 1 loans   1.1%   1.1%   1.1%
Allowance for Stage 2 loans / Stage 2 loans   14.6%   11.9%   11.2%
Allowance for Stage 3 loans / Stage 3 loans   52.6%   50.8%   49.6%
Allowance for Stage 2 and 3 loans / Stage 2 and 3 loans   37.4%   33.3%   31.5%

 

Grupo Aval’s coverage over its 90 days PDL was 1.3x for 2Q25, 1Q25, and 2Q24, coverage over its 30 days PDL was 1.0x in 2Q25, 0.9x for 1Q25 and 0.9x 2Q24. 

 

Impairment loss, net of recoveries of charged off assets to average gross loans was 1.7% for 2Q25, 2.0% for 1Q25, and 2.1% 2Q24; this rate for consumer loans was 4.2% for 2Q25, 4.5% for 1Q25 and 5.6% for 2Q24, while for commercial loans was 0.4% for 2Q25, 0.9% for 1Q25 and 0.4% for 2Q24. Charge-offs to average gross loans was 3.1% for 2Q25, 3.4% for 1Q25, and 2.7% in 2Q24. 

 

Coverage and cost of risk   2Q24   1Q25   2Q25
     
             
Allowance for impairment / 30 days PDL                  0.9                  0.9                  1.0
Allowance for impairment / 90 days PDL                  1.3                  1.3                  1.3
Allowance for impairment / gross loans (*)   5.5%   4.8%   4.6%
             
Impairment loss / average gross loans (*)   2.4%   2.3%   2.2%
Impairment loss, net of recoveries of charged-off assets / average gross loans (*)   2.1%   2.0%   1.7%
             
Charge-offs / average gross loans (*)   2.7%   3.4%   3.1%

 

 

(*) Gross loans exclude interbank and overnight funds. 30 days past due and 90 days past due are calculated on a capital plus interest accounts receivable basis. 

 

 10 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

1.2Investment securities and trading assets

 

Total investment securities and trading assets increased 20.6% to Ps 64,886.2 billion between June 30th, 2025 and June 30th, 2024 and increased 5.9% versus March 31st, 2025.

 

A total of Ps 53,314.4 billion of our total portfolio is invested in debt securities, which increased by 19.5% between June 30th, 2025 and June 30th, 2024 and increased by 5.7% versus March 31st, 2025. Ps 10,214.1 billion of our total investment securities is invested in equity securities, which increased by 26.9% between June 30th, 2025 and June 30th, 2024 and by 4.4% versus March 31st, 2025.

 

Investment and trading assets   2Q24   1Q25   2Q25   D
        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Debt securities   8,812.9   11,767.6   14,894.3   26.6% 69.0%
Equity securities   6,609.5   8,129.3   8,437.0   3.8% 27.6%
Derivative assets   1,108.8   981.9   1,337.7   36.2% 20.6%
Trading assets   16,531.2   20,878.9   24,668.9   18.2% 49.2%
Investments in debt securities at FVTPL (non compliant with SPPI test)   1.9   1.4   1.4   -0.7% -24.8%
Debt securities at FVOCI   25,592.4   28,266.9   28,968.6   2.5% 13.2%
Equity securities at FVOCI   1,439.6   1,652.6   1,777.2   7.5% 23.5%
Investments in securities at FVOCI   27,032.0   29,919.5   30,745.8   2.8% 13.7%
Investments in debt securities at AC   10,224.0   10,425.8   9,450.1   -9.4% -7.6%
Investment and trading assets   53,789.1   61,225.6   64,866.2   5.9% 20.6%

  

The average yield on our debt and equity investment securities (trading assets, investments in debt securities at FVTPL, investments in securities at FVOCI and investments in debt securities at AC) was 8.8% for 2Q25, 6.7% for 1Q25 and 7.5% for 2Q24.

 

1.3Cash and Cash Equivalents

 

As of June 30th, 2025 cash and cash equivalents had a balance of Ps 18,633.9 billion showing a decrease of 3.4% versus June 30th, 2024 and of 2.6% versus March 31st, 2025.

 

The ratio of cash and cash equivalents to customer deposits was 8.8% at June 30th, 2025, 9.2% at March 31st, 2025, and 9.7% at June 30th, 2024.

 

 11 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

1.4Goodwill

 

Goodwill as of June 30th, 2025 was Ps 2,211.2 billion, decreasing by 0.1% versus June 30th, 2024 and by 0.2% versus March 31st, 2025.

 

1.5Concession arrangement rights

 

These mainly reflect the value of road concessions recorded for the most part at Corficolombiana. As of June 30th, 2025, C.A.R. reached Ps 14,148.6 billion and grew by 1.9% versus June 30th, 2024 and decreased by 0.2% versus March 31st, 2025.

 

2.Liabilities

 

As of June 30th, 2025 Total Funding represented 92.9% of total liabilities and other liabilities represented 7.1%.

 

2.1Funding

 

Total Funding (Total financial liabilities at amortized cost) which includes (i) Customer deposits,

 

(ii) Interbank borrowings and overnight funds, (iii) Borrowings from banks and others, (iv) Bonds issued, and (v) Borrowing from development entities, had a balance of Ps 280,558.9 billion as of June 30th, 2025, showing an increase of 6.3% versus June 30th, 2024 and of 1.5% versus March 31st, 2025. Total customer deposits represented 75.5% of total funding as of 2Q25, 75.2% for 1Q25, and 75.2% for 2Q24.

 

Average cost of funds was 6.8% for 2Q25, 6.8% for 1Q25, and 8.2% for 2Q24.

 

2.1.1Customer deposits

 

 

Customer deposits   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Checking accounts   16,692.5   17,996.8   18,391.2   2.2% 10.2%
Other deposits   267.0   341.3   767.5   124.8% 187.5%
Non-interest bearing   16,959.5   18,338.2   19,158.7   4.5% 13.0%
Checking accounts   6,413.2   7,474.3   6,458.0   -13.6% 0.7%
Time deposits   94,250.3   100,257.2   101,458.8   1.2% 7.6%
Savings deposits   80,742.5   81,734.2   84,749.5   3.7% 5.0%
Interest bearing   181,405.9   189,465.8   192,666.3   1.7% 6.2%
Customer deposits   198,365.4   207,804.0   211,825.0   1.9% 6.8%

 

 12 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

Of our total customer deposits as of June 30th, 2025, checking accounts represented 11.7%, time deposits 47.9%, savings accounts 40.0%, and other deposits 0.4%.

 

The following table shows the customer deposits composition by segment.

 

Deposits / Segment($)   2Q24   1Q25   2Q25  

D

 

     

 

  

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Banking services        193,185.0        203,380.2        206,355.1   1.5% 6.8%
Merchant Banking            9,064.4            8,923.3            8,688.9   -2.6% -4.1%
Pension and Severance Fund Management                  1.3                  1.4                  1.4   3.8% 8.6%
Holding                   -                      -                      -      N.A N.A
Eliminations          (3,885.3)          (4,500.9)          (3,220.3)   -28.5% -17.1%
Total Grupo Aval        198,365.4        207,804.0        211,825.0   1.9% 6.8%

 

 

Deposits / Segment (%)   2Q24   1Q25

 

 

 2Q25
Banking services   97.4%   97.9%   97.4%
Merchant Banking   4.6%   4.3%   4.1%
Pension and Severance Fund Management   0.0%   0.0%   0.0%
Holding   0.0%   0.0%   0.0%
Eliminations   -2.0%   -2.2%   -1.5%
Total Grupo Aval   100.0%   100.0%   100.0%

 

 

 

2.1.2Borrowings from Banks and Other (includes borrowings from development entities)

 

As of June 30th, 2025 borrowings from banks and other totaled Ps 26,326.4 billion, increasing 2.7% versus June 30th, 2024 and decreasing 2.1% versus March 31st, 2025. Over the year, Peso denominated borrowings from banks and others increased by 1.4% and dollar denominated borrowings from banks and others increased 5.4% in dollar terms.

 

2.1.3Bonds issued

 

Total bonds issued as of June 30th, 2025 totaled Ps 24,159.7 billion and decreased 1.2% versus June 30th, 2024 and 1.4% versus March 31st, 2025. Over the year, Peso denominated bonds decreased by 0.2% and dollar denominated bonds increased by 0.1% in dollar terms.

  

 13 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

3.Non-controlling Interest

 

Non-controlling Interest in Grupo Aval reflects the minority stakes that third party shareholders hold in each of its most relevant consolidated subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana, Porvenir, Aval Fiduciaria, Aval Casa de Bolsa and Aval Banca de Inversión).

 

As of June 30th, 2025 non-controlling interest was Ps 15,892.5 billion which increased by 6.2% versus June 30th, 2024 and by 2.8% versus March 31st, 2025. Total non-controlling interest represents 47.2% of total equity as of 2Q25, compared to 47.4% in 1Q25 and 47.2% in 2Q24.

 

Total non-controlling interest derives from the sum of the combined minority interests of our banks and of Grupo Aval, applying eliminations associated with the consolidation process of Grupo Aval.

 

Percentage consolidated by Aval   2Q24   1Q25   2Q25  

D

 

        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Banco de Bogotá   68.9%   68.9%   68.9%                       -     
Banco de Occidente   72.3%   72.3%   72.3%                       -                       -   
Banco Popular   93.7%   93.7%   93.7%                       -                       -   
Banco AV Villas   79.9%   79.9%   79.9%                       -                       -   
Porvenir   75.8%   75.8%   75.8%                       -                       -   
Corficolombiana    40.5%   40.5%   40.5%                       -                       -   
Aval Fiduciaria   40.5%   96.7%   98.5%                     175               5,795
Aval Casa de Bolsa   62.2%   86.4%   86.4%                       -                  2,425
Aval Banca de Inversión   0.0%   82.2%   82.2%                       -                  8,216

 

 

4.Attributable Shareholders’ Equity

 

Attributable shareholders’ equity as of June 30th, 2025 was Ps 17,757.8 billion, showing an increase of 6.2% versus June 30th, 2024 and of 3.4% versus March 31st, 2025.

 

 14 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

Income Statement Analysis

 

Our net income attributable to the owners of the parent company for 2Q25 was Ps 494.9 billion showing a 36.9% increase versus 1Q25 and a 142.2% versus 2Q24.

 

Consolidated Statement of Income   2Q24   1Q25   2Q25   D
        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Interest income   7,238.9   6,591.0   6,717.1   1.9% -7.2%
Interest expense   5,317.6   4,660.7   4,695.9   0.8% -11.7%
Net interest income   1,921.3   1,930.3   2,021.2   4.7% 5.2%
Loans and other accounts receivable   1,126.1   1,154.1   1,118.6   -3.1% -0.7%
Other financial assets   (0.0)   (8.5)   10.3   -220.6% N.A
Recovery of charged-off financial assets   (139.8)   (142.8)   (262.7)   84.0% 88.0%
Net impairment loss on financial assets   986.2   1,002.7   866.1   -13.6% -12.2%
Net income from commissions and fees   900.6   900.4   910.0   1.1% 1.0%
Gross profit from sales of goods and services   621.8   679.8   493.4   -27.4% -20.6%
Net trading income   336.7   233.6   564.4   141.6% 67.6%
Net income from other financial instruments mandatory at FVTPL   82.1   96.7   89.3   -7.6% 8.8%
Total other income   2.6   596.6   364.7   -38.9% N.A.
Total other expenses   2,114.4   2,254.3   2,309.3   2.4% 9.2%
Net income before income tax expense   764.5   1,180.4   1,267.5   7.4% 65.8%
Income tax expense   315.3   379.1   383.8   1.2% 21.7%
Net income for the period   449.2   801.3   883.7   10.3% 96.7%
Non-controlling interest   244.9   439.8   388.7   -11.6% 58.7%
Net income attributable to owners of the parent   204.3   361.5   494.9   36.9% 142.2%

 

1.Net Interest Income

 

Net interest income   2Q24   1Q25   2Q25   D
        2Q25 vs. 1Q25 2Q25 vs. 2Q24
Interest income                  
Commercial   3,465.2   3,031.0   2,990.0   -1.4% -13.7%
Interbank and overnight funds   211.0   139.8   160.3   14.7% -24.0%
Consumer   2,276.8   2,218.3   2,265.3   2.1% -0.5%
Mortgages and housing leases   473.9   548.9   562.2   2.4% 18.6%
Microcredit   18.3   0.1   0.1   -31.9% -99.6%
Loan portfolio   6,445.2   5,938.1   5,977.9   0.7% -7.3%
Interests on investments in debt securities   793.6   652.9   739.2   13.2% -6.9%
Total interest income   7,238.9   6,591.0   6,717.1   1.9% -7.2%
Interest expense                  
Checking accounts   64.2   58.5   58.8   0.4% -8.4%
Time deposits   2,424.1   2,171.7   2,204.1   1.5% -9.1%
Savings deposits   1,441.8   1,108.1   1,139.0   2.8% -21.0%
Total interest expenses on deposits   3,930.1   3,338.3   3,401.9   1.9% -13.4%
Interbank borrowings and overnight funds   340.6   391.1   375.7   -3.9% 10.3%
Borrowings from banks and others   479.7   418.0   403.7   -3.4% -15.8%
Bonds issued   434.1   418.7   420.1   0.3% -3.2%
Borrowings from development entities   133.1   94.6   94.5   -0.1% -29.0%
Total interest expenses on financial obligations   1,387.5   1,322.4   1,294.1   -2.1% -6.7%
Total interest expense   5,317.6   4,660.7   4,695.9   0.8% -11.7%
Net interest income   1,921.3   1,930.3   2,021.2   4.7% 5.2%

 

 15 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

Our net interest income increased by 5.2% to Ps 2,021.2 billion for 2Q25 versus 2Q24 and by 4.7% versus 1Q25. The increase versus 2Q24 was derived mainly from a 11.7% decrease in total interest expense.

 

Net Interest Margin (NIM)    2Q24   1Q25   2Q25  

D

 

     

 

 

 

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Consolidated                  
Net Interest Margin (NIM) (*)    3.42%   3.48%   4.00%                52              58
NIM on loans   4.28%   4.41%   4.48%                  7              20
NIM on Investments   0.21%   0.31%   2.44%               213             223
Banking segment                  
Net Interest Margin (NIM) (*)    4.25%   4.20%   4.57%                38              32
NIM on loans   4.96%   4.95%   5.04%                  9                8
NIM on Investments   0.80%   0.98%   2.65%               168             185

 

 

2.Impairment loss on financial assets, net

 

Our impairment loss on financial assets, net decreased by 12.2% to Ps 866.1 billion for 2Q25 versus 2Q24 and by 13.6% versus 1Q25.

 

Net impairment loss on financial assets   2Q24   1Q25   2Q25  

D

 

     

 

 

 

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Loans and other accounts receivable         1,126.1         1,154.1         1,118.6   -3.1% -0.7%
Other financial assets              (0.0)              (8.5)              10.3   N.A N.A
Recovery of charged-off financial assets          (139.8)          (142.8)          (262.7)   84.0% 88.0%
Net impairment loss on financial assets            986.2         1,002.7            866.1   -13.6% -12.2%

 

 

Our annualized gross cost of risk was 2.2% for 2Q25, 2.3% for 1Q25, and 2.4% 2Q24. Net of recoveries of charged-off assets our ratio risk was 1.7% for 2Q25, 2.0% for 1Q25, and 2.1% for 2Q24.

 

 

 

(*)Grupo Aval’s NIM without income from trading securities and investment in debt securities designated at fair value through profit and loss (non compliant with SPPI test) was 3.4% for 2Q25, 3.2% for 1Q25 and 3.4% for 2Q24.

 

 16 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

3.Total non-interest income

 

Total non-interest income   2Q24   1Q25   2Q25  

D

 

     

 

 

 

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Income from commissions and fees                  
Banking fees (1)              699.9              698.8              711.0   1.7% 1.6%
Trust activities and management services              119.2              130.5              141.0   8.0% 18.3%
Pension and severance fund management              289.6              319.6              289.9   -9.3% 0.1%
Bonded warehouse services               44.2               48.0               50.9   6.2% 15.3%
Total income from commissions and fees           1,152.9           1,196.9           1,192.9   -0.3% 3.5%
Expenses from commissions and fees              252.2              296.5              282.9   -4.6% 12.2%
Net income from commissions and fees              900.6              900.4              910.0   1.1% 1.0%
                   
Income from sales of goods and services           2,626.3           2,692.8           2,505.6   -6.9% -4.6%
Costs and expenses from sales of goods and services           2,004.5           2,013.0           2,012.2   0.0% 0.4%
Gross profit from sales of goods and services              621.8              679.8              493.4   -27.4% -20.6%
                   
Total trading investment income              146.1              310.9              580.1   86.6% 297.0%
Total derivatives income              190.6              (77.3)              (15.8)   -79.6% -108.3%
Net trading income              336.7              233.6              564.4   141.6% 67.6%
Net income from other financial instruments mandatory at FVTPL               82.1               96.7               89.3   -7.6% 8.8%
                   
Other income                  
Foreign exchange gains (losses), net            (261.9)              259.0               33.2   -87.2% -112.7%
Net gain on sale of investments and OCI realization                (6.7)                (5.6)              (56.5)   N.A. N.A.
Gain on the sale of non-current assets held for sale                 5.3                 0.7                 7.1   N.A. 34.3%
Income from non-consolidated investments (2)               96.4              226.6               95.8   -57.7% -0.7%
Net gains on asset valuations               17.1                 7.8               14.0   78.4% -18.5%
Other income from operations              152.4              108.1              271.1   150.8% 77.9%
Total other income                 2.6              596.6              364.7   -38.9% N.A.
                   
Total non-interest income           1,943.9           2,507.2           2,421.8   -3.4% 24.6%

 

 

(1) Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks and other fees

(2) Includes share of profit of equity accounted investees, net of tax, and dividend income.

 

3.1Net income from commissions and fees

 

Net income from commissions and fees for 2Q25 totaled Ps 910.0 billion and increased by 1.0% versus 2Q24 and by 1.1% versus 1Q25. Income from commissions and fees increased by 3.5% to Ps 1,192.9 billion in 2Q25 versus 2Q24 and decreased by 0.3% versus 1Q25.

 

3.2Gross profit from sales of goods and services

 

Gross profit from sales of goods and services (non-financial sector) decreased by 20.6% to Ps 493.4 billion for 2Q25 versus 2Q24 and by 27.4% quarterly.

 

The main driver behind the yearly and quarterly decrease is related to lower contribution from the energy & gas sector and the infrastructure sector.

 

 17 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

3.3Total other income from operations

 

Other income   2Q24   1Q25   2Q25  

D

 

     

 

 

 

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Total derivatives income              190.6              (77.3)              (15.8)   -79.6% -108.3%
Foreign exchange gains (losses), net            (261.9)              259.0               33.2   -87.2% -112.7%
Derivatives and foreign exchange gains (losses), net (1)              (71.3)              181.7               17.5   -90.4% -124.5%
                   
Net gains on asset valuations               17.1                 7.8               14.0   78.4% -18.5%
Net income from other financial instruments mandatory at FVTPL               82.1               96.7               89.3   -7.6% 8.8%
Net gain on sale of investments and OCI realization                (6.7)                (5.6)              (56.5)   N.A. N.A.
Gain on the sale of non-current assets held for sale                 5.3                 0.7                 7.1   N.A. 34.3%
Income from non-consolidated investments (2)               96.4              226.6               95.8   -57.7% -0.7%
Other income from operations              152.4              108.1              271.1   150.8% 77.9%
                   
Total other income from operations              275.3              616.0              438.2   -28.9% 59.1%

 

 

(1)Includes income from trading and hedging derivatives reflected as part of the net trading income on the statement of profit and loss.

(2) Includes share of profit of equity accounted investees, net of tax, and dividend income.

 

Total other income for 2Q25 totaled Ps 364.7 billion, quarterly and yearly performance is driven by higher derivatives and foreign exchange gains related to our non-financial sector.

 

4.Other expenses

 

Total other expenses for 2Q25 totaled Ps 2,309.3 billion and increased by 9.2% versus 2Q24 and by 2.4% versus 1Q25. Our efficiency ratio measured as total other expenses to total income was 52.0% in 2Q25, 50.8% in 1Q25, and 54.7% for 2Q24.

 

General and administrative expenses for the quarter reached Ps 1,171.0 billion, increasing 4.4% over the year and 0.8% quarterly. Personnel expenses for the quarter reached Ps 842.5 billion, showing an increase of 6.5% over the year and of 1.4% quarterly.

 

The ratio of annualized total other expenses as a percentage of average total assets was 2.8% for 2Q25, 2.7% for 1Q25, and 2.7% for 2Q24.

 

5.Non-controlling Interest

 

Non-controlling interest in Grupo Aval mainly reflects the minority stakes that third party shareholders hold in each of its direct consolidated subsidiaries (Banco de Bogotá, Banco de Occidente, Banco Popular, Banco AV Villas, Corficolombiana, Porvenir, Aval Fiduciaria, Aval Casa de Bolsa and Aval Banca de Inversión).

 

Non-controlling interest in the income statement was Ps 388.7 billion, showing a 58.7% increase versus 2Q24 and a 11.6% versus 1Q25. In addition, the ratio of non-controlling interest to income before non-controlling interest was 44.0% in 2Q25, 54.9% in 1Q25 and 54.5% in 2Q24.

 

 18 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

Information related to Grupo Aval Acciones y Valores S.A. (Holding Company) and Grupo Aval Limited

 

The holding company recorded a total gross indebtedness(*) of Ps 1,567.0 billion (Ps 351.9 billion of bank debt and Ps 1,215.1 billion of bonds denominated in Colombian pesos) as of June 30th, 2025. It also guarantees irrevocably and unconditionally Grupo Aval Limited’s (144A / Reg S) 2030 (USD 1.0 billion) bonds under its respective indentures. As of June 30th, 2025, the total amount outstanding (including interests payable) of such bonds was USD 1.0 billion, or Ps 4,121.8 billion when converted into pesos.

 

The debt at Grupo Aval Limited is serviced with interest income on loans, investments and cash & cash equivalents. Grupo Aval Limited has not required, to this date, cash from Grupo Aval Acciones y Valores S.A. to fulfill its obligations.

 

When combined, Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. had Ps 787.9 billion of total liquid assets, a total gross indebtedness of Ps 5,688.8 billion and a net indebtedness of Ps 4,901.0 billion as of June 30th, 2025. In addition to liquid assets, it has Ps 1,098.8 billion in loans with related parties and Grupo Aval Ltd. has Ps 2,126.2 billion in investments in AT1 instruments.

 

 

 

 

 

 

Total Liquid assets as of June 30, 2025
Cash and cash equivalents              659.6
Fixed income investments              128.2
Total liquid assets              787.9

 

 

 

 

 

 

Maturity schedule of our combined gross debt principal

(Ps Billions)

 

 

 

 

As of June 30th, 2025 our combined double leverage (calculated as investments in subsidiaries at book value, subordinated loans to subsidiaries, AT1 investments, and goodwill as a percentage of shareholders' equity) was 1.21x. Finally, we present an evolution of our key ratios on a combined basis:

 

               

D 

Debt service coverage and leverage ratios

  2Q24   1Q25   2Q25  

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Contribution of Investments in Subsidiaries to double leverage   1.11x   1.10x    1.10x   -0.01 -0.01
Contribution of Investments in AT1 Instruments to double leverage   .12x   .13x   .12x   -0.01 0.00
Double Leverage (1)   1.23x   1.22x   1.21x   -0.01 -0.02
Net debt / Core earnings (2)(3)   4.89x   5.45x   3.66x   -1.79 -1.23
Net debt / Cash dividends (2)(3)   9.37x   10.18x   5.63x   -4.54 -3.74
Core Earnings / Interest Expense (2)   2.88x   2.80x   3.99x   1.19 1.11

 

 

(*) Grupo Aval Ltd extended US$ 270 million loans to Grupo Aval Acciones y Valores S.A. which is eliminated in the combined figures of Grupo Aval Acciones y Valores S.A. and Grupo Aval Ltd. (1) Double leverage is calculated as investments in subsidiaries at book value, subordinated and AT1 loans or investments and goodwill as a percentage of shareholders' equity; (2) Core earnings are defined as annualized recurring cash flow from dividends, investments and net operating income; (3) Net debt is calculated as total gross debt minus cash and cash equivalents and fixed income investments

 

 19 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under Colombian IFRS

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

 

Below, we present a summary of our financial statements at the separate level by the end of the second quarter of 2025. The results presented are in accordance with the Colombian International Financial Reporting Standards (Colombian IFRS). The information reported below is expressed in Colombian Pesos (Ps) billion, except where otherwise indicated.

 

Assets

 

The assets are mainly represented by the interests we have in Banco de Bogotá (68.9%), Banco de Occidente (72.3%), Banco Popular (93.7%), Banco AV Villas (79.9%), AFP Porvenir (20.0%), Corficolombiana (8.7%), Aval Fiduciaria (94.5%), Aval Casa de Bolsa (40.8%), Aval Banca de Inversión (70.0%) and 100.0% of Grupo Aval Ltd. (GAL).

 

Total assets as of June 30th, 2025 totaled Ps 21,502.3 billion, increasing 4.9% or Ps 1,004.2 billion versus June 30th, 2024 and 1.9% or Ps 395.5 billion versus March 31st, 2025. The annual variation is mainly explained by the annual increase of Ps 1,117.7 billion in in investments in subsidiaries and associates

 

Liabilities

 

Total liabilities as of June 30th, 2025 totaled Ps 3,235.0 billion, decreasing 2.8% or Ps 93.3 billion versus June 30th, 2024 and 5.5% or Ps 188.1 billion versus March 31st, 2025. Quarterly variation is mainly driven by a 23.3% decrease in accounts payable.

 

Equity

 

As of June 30th, 2025 , shareholders' equity was Ps 18,267.3 billion, 6.4% higher than reported on June 30th, 2024 and 3.3% compared to the equity reported as of March 31st, 2025.

 

Net Income

 

Net income in our separate financial statements is derived primarily from equity method income from our investments and other income, net of the Holding's operating, financial and tax expenses.

 

During the 2Q25 we presented a net profit from of Ps 499.4 billion, increasing 159.5% versus 2Q24. The increase in profits is explained by a higher income from equity method.

 

Results for the 2Q25 reflect a strong year-on-year and quarter-on-quarter improvement in our core banking metrics (NIM on loans, asset quality, and cost of risk), along with positive performance in our pension and severance fund management segment.

 

 20 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under Colombian IFRS

 

RISK MANAGEMENT

 

During the second quarter of 2025, there were no material changes in the degree of exposure to the relevant risks disclosed in the report as of March 2025, nor have any new relevant risks been identified that merit disclosure as of June 30th , 2025, according to the instructions given in paragraph 8.4.1.2.1 of Exhibit 1 «Información periódica de los emisores» in Chapter I of Title V of Part III of the Basic Legal Circular «Registro Nacional de Valores y Emisores – RNVE.

 

QUANTITATIVE AND QUALITATIVE ANALYSIS OF MARKET RISK

 

During 2Q25, there were no material qualitative and quantitative changes in market risk in comparison with the information reported in the report as of 1Q25, that merit disclosure as of June 30th, 2025, in accordance with the instructions given in paragraph 8.4.1.1.4 of Exhibit 1 «Información periódica de los emisores» in Chapter I of Title V of Part III of the Basic Legal Circular «Registro Nacional de Valores y Emisores – RNVE.

 

ESG

 

During the quarter, we updated our double materiality assessment with input from 280 stakeholder representatives. We considered 16 material topics, of which 10 were identified as priorities for Grupo Aval.

 

CORPORATE GOVERNANCE

 

In terms of corporate governance, a relevant change occurred during the second quarter of 2025 with the appointment of Ernesto José Gutiérrez de Piñeres as Corporate Vice President of IT of Grupo Aval.

 

 21 

 

 

Report of 2Q2025

 

DEFINITIONS

 

Cost of Risk calculated as Impairment loss on loans and other accounts receivable net of recoveries of charged-off assets divided by average gross loans

 

Efficiency Ratio is calculated as total other expenses divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income

 

Fee income ratio is calculated as net income from commissions and fees divided by net interest income plus net income from commissions and fees, gross profit from sales of goods and services, net trading income, net income from other financial instruments mandatory at FVTPL and total other income.

 

Gross loans excludes interbank and overnight funds.

 

Interest Earning Assets are calculated as the sum of average gross loans, average interbanks and average investments.

 

Net Interest Income is the difference between Total Interest Income and Total Interest Expense.

 

Net Interest Margin includes net interest income plus net trading income from debt and equity investments at FVTPL divided by total average interest-earning assets.

 

NIM on Loans is calculated as Net Interest Income on Loans to Average loans and financial leases.

 

NIM on Investments is calculated as Net Interest income on fixed income securities, net trading income from equity and fixed income investment securities held for trading through profit and on interbank and overnight funds to Average securities and Interbank and overnight funds

 

Non-controlling interest refers to the participation of minority shareholders in a subsidiary’s equity or net income.

 

ROAA is calculated as annualized Net Income divided by average of total assets.

 

ROAE is calculated as Net Income attributable to Aval's shareholders divided by average attributable shareholders' equity.

 

 22 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

Grupo Aval Acciones y Valores S.A.

Consolidated Financial Statements Under IFRS

Financial Statements Under IFRS

Information in Ps. Billions

Consolidated Statement of Financial Position   2Q24   1Q25   2Q25  

D

 

     

 

 

 2Q25 vs. 1Q25 2Q25 vs. 2Q24
                   
Cash and cash equivalents                   19,296.3                   19,138.4                 18,633.9   -2.6% -3.4%
                   
Investment and trading assets                  
Debt securities                     8,812.9                   11,767.6                 14,894.3   26.6% 69.0%
Equity securities                     6,609.5                     8,129.3                   8,437.0   3.8% 27.6%
Derivative assets                     1,108.8                        981.9                   1,337.7   36.2% 20.6%
Trading assets                   16,531.2                   20,878.9                 24,668.9   18.2% 49.2%
Investments in debt securities at FVTPL (non compliant with SPPI test)                            1.9                            1.4                         1.4   -0.7% -24.8%
Investments in securities at FVOCI                   27,032.0                   29,919.5                 30,745.8   2.8% 13.7%
Investments in debt securities at AC                   10,224.0                   10,425.8                   9,450.1   -9.4% -7.6%
Investment securities                   37,257.8                   40,346.7                 40,197.3   -0.4% 7.9%
Hedging derivatives assets                          61.6                          39.9                       40.0   0.4% -35.0%
                   
Gross loans                  
Commercial loans                  114,078.3                  114,107.4               114,612.9   0.4% 0.5%
Commercial loans                  112,647.5                  113,381.2               113,011.8   -0.3% 0.3%
Interbank & overnight funds                     1,430.9                        726.1                   1,601.1   120.5% 11.9%
Consumer loans                   60,561.7                   62,409.0                 62,725.1   0.5% 3.6%
Mortgages loans                   19,666.3                   22,965.9                 23,618.6   2.8% 20.1%
Microcredit loans                        295.6                            4.2                         1.5   -63.3% -99.5%
Total gross loans                  194,602.0                  199,486.5               200,958.2   0.7% 3.3%
Loss allowance                  (10,583.9)                    (9,559.3)                 (9,152.7)   -4.3% -13.5%
Total loans, net                  184,018.1                  189,927.2               191,805.5   1.0% 4.2%
                   
Other accounts receivable, net                   26,826.2                   26,743.5                 27,337.6   2.2% 1.9%
Non-current assets held for sale                          92.4                          95.4                       67.5   -29.2% -26.9%
Investments in associates and joint ventures                     1,242.5                     1,194.9                   1,262.7   5.7% 1.6%
                   
Own-use property, plant and equipment for own-use and given in operating lease, net                     4,555.8                     4,602.6                   4,587.2   -0.3% 0.7%
Right-of-use assets                     1,404.9                     1,395.5                   1,357.7   -2.7% -3.4%
Investment properties                     1,003.3                     1,068.0                   1,029.4   -3.6% 2.6%
Biological assets                        234.3                        240.7                     243.3   1.1% 3.8%
Tangible assets                     7,198.3                     7,306.8                   7,217.4   -1.2% 0.3%
                   
Goodwill                     2,214.1                     2,215.7                   2,211.2   -0.2% -0.1%
Concession arrangement rights                   13,881.7                   14,180.8                 14,148.6   -0.2% 1.9%
Other intangible assets                     2,530.2                     2,772.2                   2,851.3   2.9% 12.7%
Intangible assets                   18,626.0                   19,168.7                 19,211.0   0.2% 3.1%
                   
Current                     3,473.9                     2,914.2                   3,234.8   11.0% -6.9%
Deferred                     1,509.2                     1,548.0                   1,483.8   -4.1% -1.7%
Income tax assets                     4,983.0                     4,462.1                   4,718.6   5.7% -5.3%
                   
Other assets                        482.1                        547.8                     537.8   -1.8% 11.6%
Total assets                  316,615.6                  329,850.2               335,698.4   1.8% 6.0%
                   
Trading liabilities                     1,375.5                        900.1                   1,259.1   39.9% -8.5%
Hedging derivatives liabilities                          66.6                          26.4                       36.0   36.4% -45.9%
                   
Customer deposits                  198,365.4                  207,804.0               211,825.0   1.9% 6.8%
Checking accounts                   23,105.7                   25,471.2                 24,849.2   -2.4% 7.5%
Time deposits                   94,250.3                  100,257.2               101,458.8   1.2% 7.6%
Savings deposits                   80,742.5                   81,734.2                 84,749.5   3.7% 5.0%
Other deposits                        267.0                        341.3                     767.5   124.8% 187.5%
Financial obligations                   65,529.4                   68,692.1                 68,733.9   0.1% 4.9%
Interbank borrowings and overnight funds                   15,427.4                   17,293.8                 18,247.8   5.5% 18.3%
Borrowings from banks and others                   21,276.5                   22,531.8                 22,038.7   -2.2% 3.6%
Bonds issued                   24,462.3                   24,503.5                 24,159.7   -1.4% -1.2%
Borrowings from development entities                     4,363.2                     4,363.1                   4,287.7   -1.7% -1.7%
Total financial liabilities at amortized cost                  263,894.8                  276,496.1               280,558.9   1.5% 6.3%
                   
Legal related                        208.5                        183.0                     182.2   -0.4% -12.6%
Other provisions                        787.2                        917.0                     814.2   -11.2% 3.4%
Provisions                        995.7                     1,100.0                     996.5   -9.4% 0.1%
                   
Current                          79.2                        305.6                       68.3   -77.7% -13.7%
Deferred                     5,685.0                     5,699.8                   5,710.1   0.2% 0.4%
Income tax liabilities                     5,764.1                     6,005.4                   5,778.4   -3.8% 0.2%
Employee benefits                        904.9                     1,001.5                     951.9   -5.0% 5.2%
Other liabilities                   11,934.5                   11,688.1                 12,467.4   6.7% 4.5%
Total liabilities                  284,936.4                  297,217.7               302,048.2   1.6% 6.0%
                   
Equity attributable to owners of the parent                   16,719.8                   17,172.9                 17,759.5   3.4% 6.2%
Non-controlling interest                   14,959.4                   15,459.7                 15,890.7   2.8% 6.2%
Total equity                   31,679.2                   32,632.6                 33,650.2   3.1% 6.2%
                   
Total liabilities and equity                  316,615.6                  329,850.2               335,698.4   1.8% 6.0%

 

 

Find in our website https://www.grupoaval.com/investor-relations/financial-results, under Quarterly results -> Information for Local Investors, our consolidated and separate financial statements and accompanying notes.

 23 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under IFRS

 

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Consolidated Financial Statements Under Full IFRS

Financial Statements Under IFRS

Information in Ps. Billions

 

Consolidated Statement of Income   YTD 2024   YTD 2025   D   2Q24   1Q25   2Q25   D
      2025 vs. 2024         2Q25 vs. 1Q25 2Q25 vs. 2Q24
Interest income                              
Loan portfolio   13,038.7   11,915.9   -8.6%   6,445.2   5,938.1   5,977.9   0.7% -7.3%
Interests on investments in debt securities   1,436.4   1,392.2   -3.1%   793.6   652.9   739.2   13.2% -6.9%
Total interest income   14,475.1   13,308.1   -8.1%   7,238.9   6,591.0   6,717.1   1.9% -7.2%
                               
Interest expense                              
Checking accounts   137.2   117.3   -14.5%   64.2   58.5   58.8   0.4% -8.4%
Time deposits   4,949.5   4,375.8   -11.6%   2,424.1   2,171.7   2,204.1   1.5% -9.1%
Savings deposits   2,884.3   2,247.1   -22.1%   1,441.8   1,108.1   1,139.0   2.8% -21.0%
Total interest expenses on deposits   7,971.0   6,740.2   -15.4%   3,930.1   3,338.3   3,401.9   1.9% -13.4%
                               
Interbank borrowings and overnight funds   827.6   766.9   -7.3%   340.6   391.1   375.7   -3.9% 10.3%
Borrowings from banks and others   899.7   821.7   -8.7%   479.7   418.0   403.7   -3.4% -15.8%
Bonds issued   891.1   838.8   -5.9%   434.1   418.7   420.1   0.3% -3.2%
Borrowings from development entities   284.0   189.1   -33.4%   133.1   94.6   94.5   -0.1% -29.0%
Total interest expenses on financial obligations   2,902.4   2,616.5   -9.9%   1,387.5   1,322.4   1,294.1   -2.1% -6.7%
Total interest expense   10,873.4   9,356.6   -13.9%   5,317.6   4,660.7   4,695.9   0.8% -11.7%
Net interest income   3,601.7   3,951.4   9.7%   1,921.3   1,930.3   2,021.2   4.7% 5.2%
                               
Impairment losses (recoveries) on financial assets                              
Loans and other accounts receivable   2,611.4   2,272.6   -13.0%   1,126.1   1,154.1   1,118.6   -3.1% -0.7%
Other financial assets   3.3   1.8   -46.1%   (0.0)   (8.5)   10.3   N.A N.A
Recovery of charged-off financial assets   (268.4)   (405.5)   51.1%   (139.8)   (142.8)   (262.7)   84.0% 88.0%
Net impairment loss on financial assets   2,346.3   1,868.9   -20.3%   986.2   1,002.7   866.1   -13.6% -12.2%
Net interest income, after impairment losses   1,255.3   2,082.6   65.9%   935.1   927.5   1,155.0   24.5% 23.5%
                               
Income from commissions and fees                              
Banking fees (1)   1,378.8   1,409.9   2.3%   699.9   698.8   711.0   1.7% 1.6%
Trust activities and management services   239.4   271.5   13.4%   119.2   130.5   141.0   8.0% 18.3%
Pension and severance fund management   571.5   609.6   6.7%   289.6   319.6   289.9   -9.3% 0.1%
Bonded warehouse services   90.0   98.9   9.9%   44.2   48.0   50.9   6.2% 15.3%
Total income from commissions and fees   2,279.7   2,389.9   4.8%   1,152.9   1,196.9   1,192.9   -0.3% 3.5%
Expenses from commissions and fees   486.8   579.4   19.0%   252.2   296.5   282.9   -4.6% 12.2%
Net income from commissions and fees   1,792.9   1,810.4   1.0%   900.6   900.4   910.0   1.1% 1.0%
                               
Income from sales of goods and services   5,218.8   5,198.4   -0.4%   2,626.3   2,692.8   2,505.6   -6.9% -4.6%
Costs and expenses from sales of goods and services   3,773.6   4,025.2   6.7%   2,004.5   2,013.0   2,012.2   0.0% 0.4%
Gross profit from sales of goods and services   1,445.2   1,173.2   -18.8%   621.8   679.8   493.4   -27.4% -20.6%
                               
Total trading investment income   447.6   891.1   99.1%   146.1   310.9   580.1   86.6% N.A.
Total derivatives income   132.8   (93.1)   -170.1%   190.6   (77.3)   (15.8)   -79.6% -108.3%
Net trading income   580.4   797.9   37.5%   336.7   233.6   564.4   141.6% 67.6%
Net income from other financial instruments mandatory at FVTPL   186.6   186.0   -0.3%   82.1   96.7   89.3   -7.6% 8.8%
                               
Other income                              
Foreign exchange gains (losses), net   (230.1)   292.3   N.A   (261.9)   259.0   33.2   -87.2% -112.7%
Net gain on sale of investments and OCI realization   46.7   (62.1)   N.A   (6.7)   (5.6)   (56.5)   N.A. N.A.
Gain on the sale of non-current assets held for sale   9.2   7.8   -15.1%   5.3   0.7   7.1   N.A. 34.3%
Income from non-consolidated investments (2)   321.9   322.4   0.1%   96.4   226.6   95.8   -57.7% -0.7%
Net gains on asset valuations   25.2   21.8   -13.5%   17.1   7.8   14.0   78.4% -18.5%
Other income from operations   239.0   379.1   58.7%   152.4   108.1   271.1   150.8% 77.9%
Total other income   411.9   961.3   133.4%   2.6   596.6   364.7   -38.9% N.A.
                               
Other expenses                              
Loss on the sale of non-current assets held for sale   0.6   0.5   -18.2%   0.2   0.2   0.3   104.2% 83.5%
Personnel expenses   1,559.6   1,673.2   7.3%   790.7   830.7   842.5   1.4% 6.5%
General and administrative expenses   2,210.6   2,332.6   5.5%   1,121.7   1,161.6   1,171.0   0.8% 4.4%
Depreciation and amortization   349.2   390.1   11.7%   176.6   189.1   201.0   6.3% 13.8%
Impairment loss on other assets   2.6   2.7   1.2%   1.7   2.2   0.5   -79.1% -72.2%
Other operating expenses   86.4   164.6   90.5%   23.5   70.6   94.1   33.3% N.A.
Total other expenses   4,209.1   4,563.7   8.4%   2,114.4   2,254.3   2,309.3   2.4% 9.2%
                               
Net income before income tax expense   1,463.3   2,447.8   67.3%   764.5   1,180.4   1,267.5   7.4% 65.8%
Income tax expense   540.9   762.9   41.0%   315.3   379.1   383.8   1.2% 21.7%
Net income for the period   922.4   1,684.9   82.7%   449.2   801.3   883.7   10.3% 96.7%
                               
Net income for the period attibutable to:                              
                               
Non-controlling interest   604.3   828.5   37.1%   244.9   439.8   388.7   -11.6% 58.7%
                               
Net income attributable to owners of the parent   318.1   856.4   169.3%   204.3   361.5   494.9   36.9% 142.2%

  

(1) Includes commissions on banking services, office network services, credit and debit card fees, fees on drafts, checks and checkbooks and other fees

(2) Includes share of profit of equity accounted investees, net of tax, and dividend income.

 

 

Find in our website https://www.grupoaval.com/investor-relations/financial-results, under Quarterly results -> Information for Local Investors, our consolidated and separate financial statements and accompanying notes.

 24 

 

 

Report of 2Q2025 consolidated results

Information reported in Ps billions and under Colombian IFRS

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

Financial Statements Under Colombian IFRS

 

Information in Ps. Billions

 

Separate Statement of Financial Position     2Q24   1Q25   2Q25  

D

 

         

2Q25 vs.

1Q25

2Q25 vs.

2Q24

                     
Current assets                    
                     
Cash and cash equivalents     140.2   107.7   175.0   62.6% 24.9%
Trading securities     0.3   0.5   0.5   2.2% 51.9%
Financial assets at amortized cost     35.2   36.8   36.1   -1.9% 2.7%
Accounts receivable from related parties     619.7   1,824.0   1,572.5   -13.8% 153.8%
Taxes paid in advance     0.0   16.3   19.7   20.9% N.A.
Other accounts receivable     0.4   0.1   0.0   -93.3% -99.0%
Other non-financial assets     0.1   0.1   0.1   -7.4% -34.1%
Total current assets     795.9   1,985.4   1,803.9   -9.1% 126.6%
                     
Non-current Assets                    
Investments in subsidiaries and associates     18,568.1   19,109.4   19,685.8   3.0% 6.0%
Accounts receivable from related parties     1,120.0   0.0   0.0   N.A -100.0%
Property and equipment, net     14.0   11.9   12.1   2.1% -13.7%
Deferred tax assets     0.0   0.2   0.4   129.6% N.A
Total non-current Assets     19,702.1   19,121.4   19,698.3   3.0% 0.0%
Total assets     20,498.0   21,106.8   21,502.3   1.9% 4.9%
                     
Liabilities and shareholders' equity                    
Current liabilities                    
Borrowings at amortized cost     17.4   1,142.1   1,109.2   -2.9% N.A.
Outstanding bonds at amortized cost     234.4   8.1   15.1   86.1% -93.6%
Accounts payable     534.5   716.6   549.3   -23.3% 2.8%
Employee benefits     2.3   2.5   2.5   1.4% 9.6%
Tax liabilities     12.3   6.4   11.1   72.7% -9.8%
Other non-financial liabilities     1.2   1.2   1.2   0.0% 0.0%
Total current liabilities     802.2   1,877.0   1,688.5   -10.0% 110.5%
                     
Long-term liabilities                    
Deferred tax  liability     0.2   0.0   0.0   N.A -100.0%
Borrowings at amortized cost     1,626.0   346.1   346.5   0.1% -78.7%
Outstanding bonds     900.0   1,200.0   1,200.0   0.0% 33.3%
Total long-term liabilities     2,526.2   1,546.1   1,546.5   0.0% -38.8%
Total liabilities     3,328.3   3,423.1   3,235.0   -5.5% -2.8%
                     
Shareholders' equity                    
Subscribed and paid capital     23.7   23.7   23.7   0.0% 0.0%
Additional paid-in capital     9,695.2   9,695.2   9,695.2   0.0% 0.0%
Retained earnings     7,596.8   7,928.8   7,926.9   0.0% 4.3%
Net income     312.0   353.8   853.2   141.2% 173.5%
Other equity accounts     -458.1   -317.8   -231.8   -27.1% -49.4%
Total shareholders' equity     17,169.7   17,683.7   18,267.3   3.3% 6.4%
                     
Total liabilities and shareholders' equity     20,498.0   21,106.8   21,502.3   1.9% 4.9%

 

 

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Financial Statements

Financial Statements Under Colombian IFRS

Information in Ps. Billions

 

Separate Statement of Financial Position     2Q24   1Q25   2Q25  

D

 

         

2Q25 vs.

1Q25

2Q25 vs.

2Q24

Operating revenue                    
Equity method income, net     184.0   348.3   494.2   41.9% 168.6%
Other revenue from ordinary activities     106.5   88.8   88.6   -0.2% -16.8%
Total operating revenue     290.5   437.2   582.9   33.3% 100.6%
                     
Expenses, net                    
Administrative expenses     18.4   21.1   21.6   2.2% 17.3%
Other expenses     0.0   0.1   0.4   N.A. N.A
Losses from exchange differences     -2.5   2.0   1.1   -43.3% -145.5%
Operating income     15.9   23.2   23.0   -0.6% 45.3%
                     
Financial expenses     68.3   55.8   55.9   0.0% -18.3%
                     
Earnings before taxes      206.3   358.2   503.9   40.7% 144.3%
Income tax expense     14.0   4.4   4.6   4.3% -67.3%
                     
Net income     192.4   353.8   499.4   41.2% 159.6%

 

Find in our website https://www.grupoaval.com/investor-relations/financial-results, under Quarterly results -> Information for Local Investors, our consolidated and separate financial statements and accompanying notes.

 

 25 

 

  Report of 2Q2025

 

Investor Relations Contact

 

INVESTORRELATIONS@grupoaval.com

 

Nicolás Noreña

Strategic Planning and Investor Relations Senior Manager

Tel: 601 743 32 22

E-mail: nnorena@grupoaval.com

 

Simón Franky

Investor Relations and Finance Director Tel: 601 743 32 22

Email: sfranky@grupoaval com

 

Santiago Fonseca

Financial Planning and Investor Relations Analyst

Tel: 601 743 32 22

Email safonseca@grupoaval com

 

 26 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: August 12, 2025

 

    GRUPO AVAL ACCIONES Y VALORES S.A.
     
     
      By: /s/ Jorge Adrián Rincón Plata
        Name: Jorge Adrián Rincón Plata
        Title: Chief Legal Counsel

 

 

Source: View Original Filing on SEC EDGAR

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Banks - Regional
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